Economy
AfDB Injects $60m into Jigawa Wheat Cultivation Initiative
By Adedapo Adesanya
The African Development Bank (AfDB) has expressed its readiness to provide a $60 million facility to the Jigawa State Government for the expansion of wheat cultivation in the state.
This was disclosed by the Director of Agriculture and Agro-Industry at AfDB, Mr Martin Fregene, during a courtesy visit to Governor Umar Namadi at his office in Dutse.
Mr Fregene, who expressed happiness over the rapid achievements of Mr Namadi within a few months in office, especially on agriculture, said that the bank would partner with the state to revolutionise agriculture in the North-West.
He, however, suggested that Jigawa should prepare to go for 100,000 hectares in the next dry season and 250,000 hectares the following season, against the current 40,000 hectares being cultivated.
Mr Fregene said that the bank would accompany Jigawa all the way to achieve irrigation activities; thereby, increasing access to water in the land, improving growers’ skills, employing more youth and creating more value for wheat growers.
On his part, Mr Akinwumi Adesina, AfBD’s President, announced the AfDB’s commitment to transform agriculture for the betterment of everybody in Africa.
Mr Adesina, represented by Mr Olalekun Williams, Special Envoy to the AfDB’s President, recalled that in January 2023, 34 Heads of Government in Africa met in Dakar, Senegal, to discuss how Africa could feed itself.
“Nearly all African countries import food that can be grown in Africa and the amount of foreign exchange used to import food can be diverted to improve our agriculture.
“So, the main objective of the Feed Africa Initiative is to enable Africa to feed itself; and to feed itself in such a way that is efficient, sustainable and is competitive.
“In that sense, Nigeria as a member country developed what is called Nigeria Country Food and Agriculture Delivery Compact.’’
He said each country that was represented in Dakar prepared its country compact to meet its food security targets.
Mr Adesina said that the compact focused on five important staples in each country, adding they should be produced to substitute for import.
“The staples selected by Nigeria are wheat, rice, maize, cassava and animal husbandry.’’
The AfDB’s president, however, expressed happiness about the ongoing agricultural revolution taking place in Jigawa.
He said that if Jigawa was contributing about 40 per cent of the nation’s wheat production in 2024, it meant Jigawa would be in the forefront of contributing to the Nigeria Food Agriculture Delivery Compact.
“We would like to use Jigawa as a demonstration of what is possible in Nigeria with purposeful leadership and support from the government to the teeming farmers as seen.
“The essence of the compact is to mobilise political, financial and technical support for the five staples,” he explained.
Mr Adesina said that if Jigawa could demonstrate that wheat was growable in Nigeria, then the bank could extend the same model to other crops like rice and maize which were seriously needed in the country.
On his part, Mr Namadi thanked the management of AfDB for its intervention programme in many areas of development in Africa, especially in agriculture for initiating programmes geared toward addressing the food crisis in the continent.
Namadi noted that apart from Nigeria’s green revolution programme in the 1980s, there was never a food-solving problem like the one introduced by Mr Adesina when he was Nigeria’s agriculture minister.
The governor said that most of the developmental projects coming up on agriculture were a result of Mr Adesina’s legacy of the rice revolution.
He reassured the delegate that the state government was committed to harnessing the potential of agriculture in the state.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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